New Delhi: In a crackdown on black money hoarders, several cooperative banks in Rajasthan were found involved in money laundering post Prime Minister Narendra Modi’s demonetisation drive that started on November 8.

According to Income Tax department sources, the banks involved in laundering had unaccounted cash at unprecedented scale.

In Alwar, a cooperative bank was used to launder personal unaccounted cash of Rs 2 crore by management directors and cheated the bank of Rs 8 crore. In another cooperative bank in Jaipur, unrecorded cash worth Rs 1.5 crore was found secreted away in an almirah in the bank, said the I-T sources.

Since the implementation of demonetisation, several cases of money laundering and hoarding have surfaced. Law enforcement and I-T departments have raided stashes and unearthed huge amount of unaccounted properties across the country.

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